Specialist bookmaker 188Bet has decided to cease operating in UK and IRE markets.
In a statement released on Wednesday, 188Bet stressed that the company remains financially solvent and will refund all customers with any pending bets or outstanding balances:
“With effect from today 188BET.co.uk will cease providing gambling services to players located in Great Britain, the Channel Islands, Gibraltar and Ireland.”
“This is a commercial decision in a very competitive marketplace.”
“Annatar Limited is solvent and fully able to meet all its financial obligations which includes its customer funds that remain ring-fenced and safe.”
Punters with Balances Outstanding
Any existing 188Bet customers that still have funds in their account fear not!
You can still withdraw any outstanding balance by logging into your account and requesting a transfer into your bank account. But you must do this before 23:59 hrs (GMT+1) on 30 August 2019.
While 188Bet does not state what will happen to any outstanding funds after this date, it is prudent to ensure any remaining funds are withdrawn before this date.
Long Term Bets Pending
All pending single bets on all events will be honoured up to 23:59 hrs (GMT+1) on 30 June 2019. Any bets placed after this time will be null and void and the stake returned to the account within 48 hours.
Any multiple or accumulator bets will also be honoured up to the afore mentioned date stated.
For those with multiple selections bets with events that exceed 30th June 2019 will see those specific selections void and any winning events settled within 48 hours.
If you have any further queries regarding your account or any unsettled bets you can check out their FAQ page or contact them directly using the email
188Bet has said that they will “continue to operate as normal in all other jurisdictions.”
Where did it all go wrong?
188Bet burst onto the sports betting scene in 2006 with the prospect of providing customers with specialist in-play markets.
They were the first sports betting site to sponsor two Premier League clubs in Bolton Wanderers and Wigan Athletic, and had a diverse sponsorship portfolio across all sports including rugby, cricket and golf.
But since then they have struggled to adapt in a highly competitive market, with new bookmakers muscling in and existing ones raising the bar with new and exciting features.
Should we be concerned?
This is now the second bookmaker to shutdown this year.
The news comes as the gambling industry faces some headwinds due to tighter regulation by the Gambling Commission. It forces bookmakers to comply with new guidelines and ensure third party affiliates are being monitored and comply with those guidlines.
Any breach of these new regulations will result in hefty fines which we’ve seen recently with Skybet and William Hill.
Gone for good?
Is this the last we’ll see of 188Bet in the UK and Irish betting market?
I don’t think so…
I believe the company will re-think their strategy in the UK and IRE and bring a fresh new product to market that is fully compliant with regulators.
It may take some time, but this isn’t the last we’ve seen of 188Bet.